Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 464,200 $ 358,030
Adjustments to reconcile net income to net cash provided by operating activities:    
Land sale with financing arrangement (20,944) 0
Depreciation, depletion and amortization 53,515 40,603
Share-based compensation 13,619 11,375
Deferred taxes (4,365) 5,104
Other 35 0
Changes in operating assets and liabilities:    
Operating assets, excluding income taxes (8,385) (16,021)
Operating liabilities, excluding income taxes (6,293) 27,643
Income taxes payable 32,162 5,504
Prepaid income taxes 3,716 0
Cash provided by operating activities 527,260 432,238
Cash flows from investing activities:    
Acquisition of real estate (122,740) (35,951)
Purchases of fixed assets (43,185) (30,878)
Deposit for acquisition (3,500) (71,108)
Acquisition of royalty interests, net of post-close adjustments 0 (3,546)
Post-close adjustment from seller related to prior year asset acquisition 0 3,878
Cash used in investing activities (169,425) (137,605)
Cash flows from financing activities:    
Dividends paid (124,568) (111,031)
Shares exchanged for tax withholdings (9,113) (14,795)
Repurchases of common stock 0 (8,380)
Cash used in financing activities (133,681) (134,206)
Net increase in cash, cash equivalents and restricted cash 224,154 160,427
Cash, cash equivalents and restricted cash, beginning of period 145,404 371,381
Cash, cash equivalents and restricted cash, end of period 369,558 531,808
Supplemental disclosure of cash flow information:    
Income taxes paid 66,129 89,865
Interest paid 1,971 0
Supplemental non-cash investing and financing information:    
(Decrease) increase in accounts payable related to purchases of fixed assets (855) 3,444
Accrued dividends on unvested stock awards (153) (386)
Financing receivable from land sale 21,817 0
Operating lease right-of-use assets $ 0 $ 13,593